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Gold - Head and Shoulder formation on hourly

FX:XAUUSD   Gold Spot / U.S. Dollar
Resistance - $1288, $1300, $1310

Support - $1276, $1270, $1263

  • Sharp rally in Cable in Asia on account of drop in Brexit bets also weighed over gold             . Consequently, prices dipped to $1280 levels, thus increasing the odds of a head and shoulder formation on the hourly chart with neckline support at $1276 (also hourly 200-MA).
  • Hourly closing below the same would open doors for a drop to $1263-$1253 levels.
  • On the higher side, breach of $1300 would signal failure of head and shoulder formation and shift risk in favor of a rise to $1320-1325 levels.
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